Effective Date: 10th Jan 2022
This Agreement governs the terms underwhich Epic Sourcing (Dongguan) Co., Ltd ("Warehouse Provider,""we," "us") provides warehousing and storage services foryour goods ("Goods"). By utilizing our services, you("Customer," "you") agree to be bound by these Terms of Service.
1.1. Scope of Agreement
This document constitutes the entire agreement for the storage of your Goods at our facility in Ningbo, China.
1.2. Governing Law
This Agreement is governed by and construed in accordance with the laws of the People's Republic of China. Any disputes shall be settled in the courts of Ningbo City, China.
2.1. Services Provided
We agree to store your Goods at our facility subject to these terms.
2.2. Storage Fees
Fees are billed monthly at the rate specified in your separate Rate Schedule or invoice.
2.3. Payment Due Date
Storage fees are due within 30 days of the invoice date.
2.4. Customer Responsibilities
You warrant that the Goods are not flammable, explosive, or otherwise hazardous, unless we have specifically agreed to store them in writing.
3.1. Standard Late Interest
Any invoice not paid by the due date is subject to a late payment penalty. This penalty is an interest rate of 4.5% per month, compounded monthly, calculated on the overdue balance from the payment due date until the date of payment.
3.2. Extended Delinquency Rate
If an account remains unpaid for more than twelve (12) months, the monthly interest rate on the total overdue balance will double to 9% per month, compounded monthly, effective immediately after the twelfth month of non-payment.
4.1. Right to Dispose
If your account remains unpaid and in arrears for a continuous period of twelve (12) months or more, the Warehouse Provider reserves the right to sell, discard, or otherwise dispose of the Goods without further notice.
4.2. Use of Proceeds
If the Goods are sold, we are authorized to deduct the following costs from the proceeds of the sale, in this order:
(a) Administrative Fees: All reasonable administrative fees related to the sale or disposal.
(b) Operational Costs: All costs incurred for storing, handling, and preparing the Goods for sale.
(c) Outstanding Debt: All accrued outstanding Storage Fees and Late Payment Penalties.
4.3. Return of Balance
Any remaining balance from the sale proceeds, after all deductions are made, will be returned to the Customer. If the sale proceeds are insufficient to cover the outstanding amounts, the Customer remains responsible for the deficit.
5.1. Limitation of Liability
Our liability for any loss or damage to the Goods is limited to 10 times the monthly storage charge or the actual value, unless you have formally declared a higher value and paid an additional insurance premium.
5.2. Customer's Insurance Responsibility
The Warehouse Provider is not an insurer of the Goods. The Customer is solely responsible for obtaining and maintaining appropriate insurance coverage for the Goods against all risks of loss or damage.
